Axle transmits the power to wheels from the engine through the transmission to provide the smooth ride. It is a rod around which the wheel of vehicles moves or rotates. Automotive axle comprises several parts including filler cap, drain plug, tab lock, crown wheel, hub bearing and housing, and others. Axle is the important part of the differential. It is a straight shaft that is fixed in location and is combined with bearing or brushing use to mount rotating wheel or gears. The global automotive axle market is expected to reach USD 59516.3 million by 2025.
Geographically, the global market is segmented into North America, Europe, Asia Pacific (APAC), and Latin America and the Middle East & Africa (LAMEA).
APAC is expected to dominate the global market with a CAGR of 7.8% due to growing urbanization and increasing buying power. This is likely to witness increased demand for commercial vehicles, which, in turn, drive the growth of the market in this region. Abundant steel availability at low cost is one of the driving factors of the market. According to Japan Automobile Manufacturers Association (JAMA) motor vehicle statistics in 2017, the total number of trucks sold in the years 2016 and 2017 was 808,304 and 832,196 respectively.
North America is expected to hold the major share of the market owing to the rising interest in digital technology and increased adoption of innovative mobility automotive in this region. Growing focus on fuel efficiency and rising demand to meet the consumer preferences for light and safe vehicles are further boosting the North American market. Additionally, increasing adoption of all-wheel drive vehicles and rising investment in countries such as the U.S. and Mexico are adding fuel to the market growth in this region.
In Europe, large investments by European automobile companies to develop technology for clean mobility to meet the emission standards is leading the market. Strict rules and regulations set by the European Union to limit vehicular emission are estimated to offer a large platform for manufacturers. Furthermore, increasing demand for light vehicles is likely to affect the market positively. According to European Automobile Manufacturers Association ‘Vehicle in use’ report 2017, European passenger car market grew by 4.5% over the last five years; the total count of the vehicles went from 241 to 252 million.
LAMEA is expected to witness steady growth as a result of ongoing construction and infrastructural developments activities in the Middle East countries. Moreover, the severe weather conditions in the region are estimated to drive the market growth due to the relatively short lifespan of parts, which, in turn, is leading to the replacement of components. On the other hand, growth in the local manufacturing is positively affecting the industrial growth in the African region, which, in turn, has resulted in better infrastructure and strong economic growth.
Some of the prominent players covered in the report: American Axle & Manufacturing, Inc. (U.S.), Meritor, Inc. (U.S.), ZF Friedrichshafen AG (Germany), PRESS KOGYO CO. LTD (Japan), GKN PLC (U.K), Hyundai Dymos (South Korea), Magneti Marelli S.p.A. (Italy), Shaanxi HanDe Axle Co., Ltd (China), RSB Group (India), and IFA Rotorion - Holding GmbH (Germany)
- Front wheel drive
- Rear wheel drive
- Four-wheel drive
- Commercial Vehicle
- Semi-Trailer trucks
- Passenger vehicle
- Light vehicle
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America Middle East and Africa (LAMEA)
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa